Save Article

Venezuela Bans Gold Exports; State To Hold 55% In Mining Ventures

By

Kejal Vyas

Sept. 19, 2011 4:15 p.m. ET

CARACAS—Venezuela will ban the export of gold out of the country as part of a nationalization campaign spearheaded by President Hugo Chávez last month.

Under guidelines published in the Official Gazette on Monday, the government said "all gold that is obtained through mining activity within national territory will be handed over to the Bolivarian Republic of Venezuela." The decree also gives companies 90 days to form joint ventures for gold mining, in which the government will hold a 55% stake.